The Real Deal Miami

Rehab center sells Edgewater properties to two developers for $11M

The Village Foundation building at 3180 Biscayne Boulevard, Russell Galbut and a rendering of Naranza

Alfonso Jaramillo

A rehabilitation center along Biscayne Boulevard in Miami sold its real estate to two prominent developers.

Property records show the Village Foundation Inc. sold the building at 3180 Biscayne Boulevard to Crescent Heights for $3.64 million, and the nearby properties at 3031 and 3055 Northeast Fourth Avenue to Prodesa International for $7 million.

Alfonso Jaramillo of Fortune International Realty and Anthony Williams of Only Way Realty brokered the deals.

Prodesa, a real estate firm with offices in Colombia and Miami, plans to build Naranza at Edgewater, a 137-unit, 19-story condo tower. The latest acquisition, which includes the Village Foundation’s two buildings east of Biscayne Boulevard, will allow the developer to redesign Naranza, which borders the Related Group’s Paraiso complex, Jaramillo said.

Records show Prodesa affiliates assembled the land starting in 2013, and paid a combined $9 million for 1.5 acres on the block between 30th Terrace and 31st Street, and for the corner building between 30th Street and 30th Terrace, which totals nearly 11,000 square feet of land.

Fortune International Group is handling Naranza’s sales and marketing, with prices starting at about $445,000. The building has an estimated sellout of $70 million. Prodesa could not immediately be reached for comment.

With the purchase of the Village Foundation’s Biscayne Boulevard building, Crescent Heights now controls all of the land on the boulevard between 30th and 32nd streets, in addition to a patchwork of properties south near its headquarters at 2200 Biscayne Boulevard.

The real estate development company, led by Russell Galbut and Sonny Kahn, is also active in Miami Beach. Galbut could not immediately be reached for comment.

Jaramillo is seeing more land banking as the supply of land in areas like Edgewater, downtown Miami and Brickell becomes scarcer, he said. He also brokered the recent $32 million sale of a 45,000-square-foot site in Brickell, which TSG Group acquired for future development.